R-82-07RESOLUTION NO. 0 -82 -07
RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY
OF A MEMORANDUM OF INTENT BY AND BETWEEN THE VILLAGE OF
DEERFIELD, LAKE AND COOK COUNTIES, ILLINOIS AND CHI -CHI'S INC.,
CONCERNING THE ISSUANCE BY SAID VILLAGE OF INDUSTRIAL REVENUE BONDS
WHEREAS, the Village of Deerfield, Lake and Cook Counties, Illinois (the
"Village ") recognizes that it is necessary to encourage the economic develop-
ment of the Village by endeavoring to provide permanent opportunities for
employment; and
WHEREAS, the Village is a Home Rule Unit of Government and is authorized
under the provisions of Article VII, Section 6 of the 1970 Illinois Constitu-
tion and the provisions of Ordinance No. 0- 81 -26, duly adopted by the President
and Board of Trustees of the Village on April. 6, 1981 and constituting Article
7 of Chapter 9 of the Municipal Code of Deerfield of 1975 (the "Enabling
Ordinance ") , to acquire, construct and finance development projects, to lease,
sell or finance the same to or for any person, and to provide for the issuance
of industrial revenue bonds in conjunction therewith; and
WHEREAS, the Village, in order to encourage the economic development of
the Village pursuant to its powers under the Enabling Ordinance and in further-
ance thereof to induce Chi -Chi's Inc. (the "Company ") to locate a full service
Mexican restaurant, including all necessary land, buildings and equipment
(collectively the "Project "), within the corporate limits of the Village, has
indicated its intent to issue its industrial revenue bonds under and pursuant
to the provisions of the Enabling Ordinance and to apply the proceeds
therefrom to the payment of the costs of acquiring, construct -ing and equipping
the Project and to lease, sell or finance the Project to or for the Company;
and
WHEREAS, the Company, after considering a number of possible locations
within and outside of the State of Illinois, and in reliance upon the intent
of the Village to finance the acquisition, construction and equipping of the
Project through the issuance of its industrial revenue bonds under the
provisions of the Enabling Ordinance, has determined to locate the Project
within the corporate limits of the Village; and
WHEREAS, it is now deemed advisable to authorize the execution and
delivery by the Village of a Memorandum of Intent expressing formally and in
writing the understanding heretofore informally agreed upon by the Village and
the Company.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF DEERFIELD, LAKE AND COOK COUNTIES, ILLINOIS, AS FOLLOWS:
SECTION The Village President is hereby authorized and directed to
ONE: execute a Memorandum of Intent by and between the Village and
the Company, and the Village Clerk is hereby authorized and
directed to affix the seal of the Village thereto and to attest the same; and
the Village President and Village Clerk are hereby authorized and directed to
cause said Memorandum of Intent to be delivered to, accepted and executed by
the Company, said Memorandum of Intent, which is hereby approved and
incorporated by reference and made a part of this authorizing resolution, to
be in substantially the form attached hereto as Exhibit A.
SECTION All resolutions.and orders, or parts thereof, in conflict with
TWO: the provisions of this resolution,. are, to the extent of such
conflict, hereby repealed and this resolution shall be in imme-
diate effect from and after its adoption.
AYES: Ehlers, Heisler, Seidman, York (4).
NAYS: Marty, Swanson (2)
ABSENT: None (0)
PASSED this 16th day of August A.D., 1982.
APPROVED this 16th day of August A.D., 1982.
a
VILLAGE PRESIDENT
ATTEST:
VILLAGE C LE RR